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 & (1) & (2) & (3) \\
VARIABLES & FDl\_share5\_w & FDl\_share5\_w & FDl\_share5\_w \\ \hline
 &  &  &  \\
l\_va\_total\_FD & -0.484*** & 0.0222 & -0.485*** \\
 & (0.0181) & (0.0593) & (0.0181) \\
Constant & 0.0132*** & 0.00148 & 0.0132*** \\
 & (0.000932) & (0.00613) & (0.000932) \\
 &  &  &  \\
Observations & 9,041,436 & 522 & 9,040,914 \\
R-squared & 0.015 & 0.002 & 0.016 \\
Firm FE & No & No & No \\
Year FE & No & No & No \\
Cluster & Sector x Year & Sector x Year & Sector x Year \\
Firms & All & Large$>$0.5 & Small$<$0.5 \\
 Filter & FD & FD & FD \\ \hline
\multicolumn{4}{c}{ Robust standard errors in parentheses} \\
\multicolumn{4}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
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